According to a new report by Grand View Research, Inc the global life science tools market size was computed at USD 47.4 billion in 2019 and is projected to expand at a CAGR of 8.7% during the forecast period. The anticipated growth in revenue is attributed to rapid technological advancements adopted by the life science tools companies in mass spectrometry, sequencing technologies, chromatography methods, NMR, and other products.

The global life science tools market size is expected to reach USD 84.4 billion by 2026, expanding at a CAGR of 8.7% over the forecast period, according to a new report by Grand View Research, Inc. Technological advancements in different life science tools are expected to enhance their adoption among prominent end users of the market, thereby leading to the market growth. For instance, improvements in quantitative accuracy, MS resolution, and information sciences have enhanced the accuracy and utility of mass spectrometry-based methods in the field of proteomics.

In addition, rise in demand and growth of gene and cell therapies is expected to provide new growth avenues to the market. The recent publications of the U.S. FDA state that the agency expects more than 200 applications annually to carry out trials for cell and gene therapies by 2020. The FDA expects to approve 10-20 novel gene therapy products annually by 2025.

Life Science Tools Market Report Highlights

Cell biology accounted for the largest share in technology segment in 2019 and is projected to maintain its dominance throughout the forecast period

The proteomics technology segment is expected to expand at the fastest CAGR throughout the forecast period owing to a rise in demand for precision medicine

Researchers suggest that combined genomics and proteomics data can potentially be used for neurodegenerative, neuromuscular, and other chronic disorders; thereby enhancing the life science tools market growth

Separation technologies was the largest revenue-generating product segment in 2019 and is estimated to remain so throughout the forecast period

The nucleic acid microarray segment is expected to expand at the fastest CAGR throughout the forecast period owing to the evolution of GeneChip technologies for detection of DNA variation and monitoring of gene expression

Health care accounted for the highest share in end-users segment owing to the utility of life science tools in hospitals, clinics, diagnostic laboratories, community centers, and physician offices

Lucrative opportunities offered by emerging nations has attracted investments from global firms in Asia Pacific, thus driving the region at the fastest growth rate throughout the forecast period

The key market players are continuously enhancing their life science divisions to capitalize on the lucrative opportunities offered by the market. For instance, Thermofisher Scientific increased its R&D expenditure by 9% in 2018 to develop innovative products that complement its existing portfolio. The company offers a wide range of life science tools including nucleic acid purification solutions, flow cytometry instruments, sequencing solutions, thermal cyclers, and other laboratory supplies.

Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research Guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.